Bitcoin

Resistance

Bitcoin price is holding the key support at $60,000. BTC could start another increase and rise toward the range resistance at $63,500. 
<ul> 
 <li>Bitcoin is still trading in a range between $60,000 and $63,500.</li> 
 <li>The price is trading above $61,500 and the 100 hourly Simple moving average.</li> 
 <li>There was a break above a connecting bearish trend line with resistance at $61,550 on the hourly chart of the BTC/USD pair (data feed from Kraken).</li> 
 <li>The pair could gain bullish momentum if it clears $62,200 and $62,500.</li> 
</ul> 
<h2 id="bitcoin-price-remains-steady">Bitcoin Price Remains Steady</h2> 
Bitcoin price started another decline from the <a href="https://www.newsbtc.com/analysis/btc/bitcoin-price-stuck-60k/" target="_blank" rel="noopener ">$63,500 resistance zone</a>. BTC traded below the $62,500 and $62,200 support levels. A low was formed at $61,000 and the price started a recovery wave. 
There was a move above the $61,250 and $61,500 levels. Besides, there was a break above a connecting bearish trend line with resistance at $61,550 on the hourly chart of the BTC/USD pair. There was a move above the 23.6% Fib retracement level of the recent decline from the $63,400 swing high to the $61,000 low. 
Bitcoin is still trading above $61,500 and the <a href="https://www.newsbtc.com/analysis/btc/bitcoin-price-bearish-60k/" target="_blank" rel="noopener ">100 hourly Simple moving average</a>. Immediate resistance is near the $62,200 level or the 50% Fib retracement level of the recent decline from the $63,400 swing high to the $61,000 low. <a href="https://www.newsbtc.com/wp-content/uploads/2024/05/Bitcoin_e2a2e2.png?resize=1024%2C461"><img loading="lazy" decoding="async" class="wp-image-608051 size-full" src="https://www.newsbtc.com/wp-content/uploads/2024/05/Bitcoin_e2a2e2.png?resize=1024%2C461" alt="Bitcoin Price" width="1024" height="461" srcset="https://www.newsbtc.com/wp-content/uploads/2024/05/Bitcoin_e2a2e2.png?resize=1024%2C461?w=1835 1835w, https://www.newsbtc.com/wp-content/uploads/2024/05/Bitcoin_e2a2e2.png?resize=1024%2C461?w=460 460w, https://www.newsbtc.com/wp-content/uploads/2024/05/Bitcoin_e2a2e2.png?resize=1024%2C461?w=768 768w, https://www.newsbtc.com/wp-content/uploads/2024/05/Bitcoin_e2a2e2.png?resize=1024%2C461?w=860 860w, https://www.newsbtc.com/wp-content/uploads/2024/05/Bitcoin_e2a2e2.png?resize=1024%2C461?w=1536 1536w, https://www.newsbtc.com/wp-content/uploads/2024/05/Bitcoin_e2a2e2.png?resize=1024%2C461?w=750 750w, https://www.newsbtc.com/wp-content/uploads/2024/05/Bitcoin_e2a2e2.png?resize=1024%2C461?w=1140 1140w" sizes="(max-width: 1000px) 100vw, 1000px" data-recalc-dims="1"></a> 
The first major resistance could be $62,500. The next key resistance could be $63,000. A clear move above the $63,000 resistance might send the price higher. The main resistance now sits at $63,500. If there is a close above the $63,500 resistance zone, the price could continue to move up. In the stated case, the price could rise toward $65,000. 
<h2 id="another-drop-in-btc">Another Drop In BTC?</h2> 
If Bitcoin fails to climb above the $62,500 resistance zone, it could start another decline. Immediate support on the downside is near the $61,550 level and the 100 hourly Simple moving average. 
The first major support is $61,000. If there is a close below $61,000, the price could start to drop toward $60,400. Any more losses might send the price toward the $60,000 support zone in the near term. 
Technical indicators: 
Hourly MACD – The MACD is now gaining pace in the bullish zone. 
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now above the 50 level. 
Major Support Levels – $61,550, followed by $61,000. 
Major Resistance Levels – $62,200, $62,500, and $63,500.

Bitcoin Price Holds Firm: Key Support Maintained Amid Market Uncertainty

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